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REBNY Report: NYC Home Sales Total a Record $50 Billion in 2017

February 14, 2018

New York City’s residential real estate market rounded out a year of healthy home sales activity with a record $50 billion in transactions completed in 2017, according to the Real Estate Board of New York’s (REBNY) Residential Sales Report. This peak in consideration (monetary value for completed transactions) was driven by Brooklyn’s all-time high annual consideration of $11 billion this year.

Sales activity in the fourth quarter of 2017 experienced a ten percent increase in the number of home sales (cooperatives, condominiums, and one-to-three-family dwellings) ranging from $1 million to less than $3 million, when compared to the fourth quarter of 2016. In comparison, the number of home sales recorded at $5 million or greater dropped 38 percent year-over-year.

“The high end of the New York City home sales market slowed this quarter in comparison to past quarters,” said John H. Banks, REBNY President. “Average sales price growth in areas outside Manhattan offset this decline and led to year-over-year stability in the average sales price for a home in New York City.”

The average sales price for a home in New York City decreased one percent year-over-year to $917,000 in the fourth quarter of 2017. The average sales price of a home in Manhattan declined seven percent from last year’s fourth quarter average to $1,803,000. When compared to the fourth quarter of 2016, the average sales price of a home in Brooklyn rose five percent to $901,000; in Queens, grew eleven percent to $595,000; in the Bronx, increased seven percent to $422,000; and in Staten Island, rose eight percent to $524,000.

In the fourth quarter of 2017, the average sales price of a New York City: condominium unit decreased fourteen percent to $1,573,000; cooperative unit, increased five percent to $739,000; and one-to-three family dwelling, increased eight percent to $775,000 from last year’s fourth quarter average.

Citywide home sales volume slipped two percent from the fourth quarter of 2016 to 11,631 in the fourth quarter of 2017. Year-over-year, the total number of home sales fell: five percent to 2,655 in Manhattan; one percent to 2,665 in Brooklyn; and eleven percent to 1,289 in Staten Island. Conversely, home sales increased one percent in the fourth quarter of 2017 to 3,943 in Queens and ten percent to 1,079 sales in the Bronx.

ADDITIONAL HIGHLIGHTS FROM REBNY’S FOURTH QUARTER 2017 NEW YORK CITY RESIDENTIAL SALES REPORT

The Bronx

The average sales price for a one-to-three family dwelling in the Bronx registered a record $515,000 in the fourth quarter of 2017, a 12 percent increase from last year’s fourth quarter average. The previous peak of $507,000 was recorded in the fourth quarter of 2006.

Among the Bronx neighborhoods that contributed to this rise were Woodlawn / Williamsbridge where the average sales price of a one-to-three family dwelling was $482,000, an increase of 14 percent from the fourth quarter of 2016.

Brooklyn

The average sales price of a Williamsburg condo declined five percent this quarter to $1,138,000 compared to the fourth quarter of 2016. The number of condo sales in the neighborhood fell 54 percent this quarter to 65 from 140 in the fourth quarter of 2016.

The average sales price for a condo in Brooklyn during the fourth quarter of 2017 was $1,014,000, a three percent increase year-over-year.

Manhattan

In the fourth quarter of 2017, the average sales price of a condo in the Financial District/South Street Seaport (“Financial/Seaport”) jumped 44 percent to $1,695,000 compared to the fourth quarter of 2016. There were 83 sales in Financial/Seaport during the fourth quarter of 2017, an increase of 48 percent from the fourth quarter of last year.

The average sales price of a condo in Manhattan was $2,405,000, a 19 percent decrease year-over-year. This was the lowest average sales price posted for a Manhattan condo since the fourth quarter of 2015.

Queens

The average sales price for a one-to-three family dwelling in Queens breached its previous all-time high rising six percent year-over-year to $710,000 in the fourth quarter of 2017.

High priced sales in Flushing and Long Island City pushed up the average sales price for a condo unit in Queens to $704,000, a 32 percent increase year-over-year.

Staten Island

The average sales price for a one-to-three family dwelling in Staten Island increased eight percent from the fourth quarter of 2016 to $551,000 in the fourth quarter of 2017. The total number of one-to-three dwelling sales in Staten Island declined 11 percent year-over-year to 1,139.

REBNY’s New York City Residential Sales Report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.

The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association with more than 17,000 members. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; and other associations, organizations, institutions, corporations, co-partnerships, and individuals professionally interested and engaged in business allied to New York City real estate.

REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes real estate market research and policy reports as well as broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit www.REBNY.com.